Boost: South Korean exports strengthen

Exports for January averaged $2.07 billion a day, up 8.9% from a year earlier.

SEOUL: South Korea’s exports got off to a good start in January as signs of economic recovery in the EU and Southeast Asia offset the risks from a weak yen, according to a statement from the trade ministry. Exports for the month averaged $2.07 billion a day, up 8.9% from a year earlier. Exports came to $45.58 billion, down 0.2% from 2013. “On the back of an economic recovery trend, exports to the EU went up sharply while shipments to the Association of Southeast Asian Nations (ASEAN) and China were also on the increase, led by IT products,” the statement noted. Exports to the EU surged 24.7% on-year in January, to the ASEAN bloc 9.9% and China 0.8 %. Imports in January came to $44.849 billion, down 0.9% on-year, mainly due to smaller crude oil imports, leaving a $735 million trade surplus, up from $400 million a year earlier.

Published in The Express Tribune, February 2^nd 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.